Costco has about 64 million members worldwide, with the bulk in the U.S. and Canada, where about 515 of the company’s 600 warehouse stores are located.

Different approach

Costco has tried marketing mortgages before, through a service with LendingTree. But that service required mortgage shoppers to go online and fill out credit information and personal details to see the rates. Once they filled out the information, it was sent to all the lenders, who often bombarded prospects with scores of email pitches.

With the new First Choice service, mortgage shoppers can see rates without providing a lot of personal financial information. And they are only contacted by specific lenders if they click a box asking to be contacted, Smith said.

Ultimately, Smith said Costco’s goal is to make the online service a destination for members seeking all kinds of financial services, such as student loans.

“We call it the treasure hunt experience,” Smith said. “When you go into the warehouse you will see something there that you wouldn’t expect to see and maybe didn’t plan to buy, and it ends up in your cart.”

Costco Wholesale Corp.

Headquarters: Issaquah, Wash.

Ownership: Public

President: Craig Jelinek

Revenue: $88.9 billion (2011)

Employees: 142,000 (full- and part-time)

Website: costco.com

Fast Fact

Costco operates 13 stores in Oregon, including six in the Portland area.

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